Lanvin Group Holdings Limited · NYSE:LANV
Lanvin — FY2024 Earnings Presentation
50 slides from Lanvin's earnings presentation, Apr 30, 2025
Slide 1: 2024 Full-Year Results
ia ie LANVINGROLP : i ar 2024 FULL-YEAR RESULTS 0 LANVIN GROUP
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation, including the sections “2025 GUIDANCE”, “BRAND-LEVEL PERFORMANCE” and “APPENDIX”, contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements
Slide 3: Lanvin Group company description
Lanvin Group is a leading global luxury fashion group headquartered in Shanghai, China, managing iconic brands worldwide, including Lanvin, Wolford, Sergio Rossi, St. John Knits, and Caruso. Harnessing the power of its unique strategic alliance of industry-leading partners in the luxury fashion sect
Slide 4: Contents
PAGE 11 PAGE 23 PAGE 16 PAGE 32 4
Slide 5: FY 2024 key highlights
Revenue of €329 million for FY 2024, a 23% decrease over FY 2023 Challenging macro backdrop weighing on consumer sentiment and challenging industry environment in 2024 Measures implemented to reduce G&A expenses and improve working capital management Proactively consolidated stores network to optimi
Slide 6: Retail revenue resilient coupled with footprint optimization
2024 2024 2020-2024 Global Revenue Global Gross Margin Global Revenue CAGR 2024 vs. 2023 2024 2020-2024 G&A Expenses Savings Directly Operated Stores(1) Improvement in Operating Cash Flow Retail revenue resilient coupled Refocused retail network with New product offerings and with footprint optimiza
Slide 7: Business transformation pace reflects brand legacy
BUSINESS TRANSFORMATION PACE REFLECTS BRAND LEGACY STRUCTURES, MARKET POSITIONING, AND OPERATIONAL COMPLEXITY 2020 2024 Future Contribution Continue to improve profit € 3.2mm € 8.8mm Profit(1) margin with stronger distribution Contribution Continue to improve profit -€ 9.3mm € 8.0mm Profit(1) margin
Slide 8: Improving operational efficiency despite macro headwinds
DESPITE FACING CHALLENGING MACRO HEADWINDS, WE MANAGED TO IMPROVE OPERATIONAL EFFICIENCY Where we are now Our breakeven point Gross Profit Opex (1) Time Our revenue has experienced a certain decline due to the impact of macroeconomic conditions and industry trends. Despite this, we are resolutely im
Slide 9: Gross profit and opex trends FY2022-FY2024
DESPITE FACING CHALLENGING MACRO HEADWINDS, WE MANAGED TO IMPROVE OPERATIONAL EFFICIENCY € 378 € 365 FY2022 FY2023 FY2024 € 326 -€ 58 -€ 59 FY2022 FY2023 FY2024 -€ 81 (1) Opex includes marketing and selling expenses and general and administrative expenses. 9
Slide 10: New appointments at Lanvin and Sergio Rossi
NEW APPOINTMENTS MARKING THE OPENING OF AN EXCITING NEW CHAPTER OF LANVIN AND SERGIO ROSSI “ A reincarnation of Jeanne “ Andrew is poised to shake up the Lanvin’s fashion-setting robe de style Italian shoe game once again ” silhouette ” - Highsnobiety - Vogue US” “ Andrew created a new, edgy chain (
Slide 11: Luxury market (Bain-Altagamma, Euromonitor)
Source: Bain-Altagamma Luxury Goods Worldwide Market Study (Fall 2021-20th). Euromonitor. Section I 11
Slide 12: Lanvin Group's brands build a wardrobe of generational luxury
… LANVIN GROUP’S BRANDS WORK TOGETHER TO BUILD A WARDROBE OF MODERN, GENERATIONAL LUXURY FOR ITS CONSUMERS BY SYNERGIZING EACH BRAND’S CREATIVITY AND CORE SKILLS IN DESIGN AND PRODUCTION SINCE SINCE 2024 Revenues – €79 million 2024 Revenues – €83 million % of Group Revenues – 24% % of Group Revenues
Slide 13: Key strategies and initiatives promoting growth
… KEY STRATEGIES AND INITIATIVES IN BRAND, PRODUCT, CHANNEL AND REGION CONTINUE TO PROMOTE GROWTH • Back to brand DNAs and ethos • Continued investment in branding • Increased accessory contribution • Rebalanced store network • Strengthened e-commerce channels • Focus on core iconic offerings • Targ
Slide 14: The keys to success
THE KEYS TO SUCCESS... NIMBLE DIGITAL START-UP UNICORN APPROACH MIND-SET VALUE TRACK RECORD
Slide 15: Proven results from group strategies
… PROVEN RESULTS FROM SUCCESSFUL IMPLEMENTATION OF GROUP STRATEGIES Lanvin 2020 – 2024 Lanvin 2020 – 2024 Wolford 2020 – 2024 Global Revenue Global Digital Revenue The % of W Collection in Seasonal Sales Lanvin Group 2020 – 2024 Lanvin Group 2020 – 2024 Lanvin Group 2020 – 2024 Global Revenue Other
Slide 16: Brands' key strategies and achievements
BRANDS’ KEY STRATEGIES AND ACHIEVEMENTS LANVIN GROUP
Slide 17: Lanvin brand strategies and achievements
Couture and contemporary culture meet through Gross profit margin maintained through effective Highly anticipated and critically acclaimed Peter Copping joined Lanvin in Sep 2024 as the a series of ambitious artistic initiatives including cost control and inventory management, debut fashion show by
Slide 18: Wolford brand strategies and achievements
Brand campaigns and product narratives Balanced product offering that merges Capsule collections in collaboration with Italian Elevate brand experience through a refreshed crafted to highlight Wolford’s unique value innovation and heritage, delivering a cohesive fashion brand ETRO contributed to mai
Slide 19: Sergio Rossi brand strategies and achievements
Announced the appointment of Paul Andrew Streamlined the network by focusing on the Undertook a series of factory restructuring Opened franchise stores in the Middle East as Creative Director in July 2024. His first key locations and closure of underperforming measures to improve production lead tim
Slide 20: St. John brand strategies and achievements
Focus and streamline the business to North Continued to convert wholesale distribution to Created a new site experience and aesthetics Successfully consummated the sale of the America and upgraded flagship stores in key a new wholesession model to have better through a more agile platform that allow
Slide 21: Caruso brand strategies and achievements
Caruso brand made-to-measure business Single-digit revenue decrease even in a very Maintained marginality both at Gross Margin Growing Caruso brand awareness and growth thanks to flawless service; new challenging luxury landscape. Proprietary and EBITDA level, positive Net Profit appeal also thanks
Slide 22: Driving profitability
DRIVING PROFITABILITY Enhance management by cultivating a dynamic and experienced leadership team that is agile and adaptable to change Establish a second European headquarters to streamline operations and boost decision-making agility Anticipate sales growth following the appointment of new Artisti
Slide 23: Group consolidated financial results
GROUP CONSOLIDATED FINANCIAL RESULTS LANVIN GROUP
Slide 24: Brands show resilience through macro headwinds
BRANDS COMPLETED RESTRUCTURING SHOW GREAT RESILIENCE THROUGH CHALLENGING MACRO-HEADWINDS €422 €426 -€29 -€38 €2 -€18 €329 €309 -€11 -€3 €223 2020 2021 2022 2023 Eliminations 2024 2020 2021 2022 2023 Lanvin Wolford Sergio Rossi SJK Caruso Elimination 2024 24
Slide 25: North America outperforms other key markets
NORTH AMERICA OUTPERFORMS OTHER KEY MARKETS WITH ST. JOHN’S STRONG PRESENCE IN THE REGION €426 Other(1) Greater -12% China -€57 -36% -€19 €329 -€19 7% -€2 10% EMEA 44% -28% 2024 North 39% America -13% 2023 EMEA North America Greater China Other (1) 2024 (1) Other includes: Japan, South Korea, Thaila
Slide 26: Revenue by channel: DTC and wholesale
ST. JOHN AND SERGIO ROSSI SHOW RESILIENCE IN KEY RETAIL MARKETS, AND CARUSO’S WHOLESALE KEEPS SOLID €426 Other(1) -31% -€46 4% €329 -€46 -€5 Wholesale -28% 35% 2024 DTC 61% -19% 2023 DTC Wholesale Other (1) 2024 (1) Other includes: fees for royalties, licenses received from third party, and clearanc
Slide 27: Ongoing upgrade of store network
ONGOING UPGRADE OF STORE NETWORK, WITH DISCIPLINED NEW OPENINGS AND STRATEGIC FOCUS IN KEY MARKETS Lanvin Group DOS Evolution by Brand Selected 2024 Newly Opened Boutiques 279 2 2 1 3 225 -62 FY Lanvin Wolford St. John Sergio Rossi Total FY 2023 Closure 2024 Lanvin – Galeries Lafayette, Paris Lanvin
Slide 28: Margin decreases with revenue while costs are optimized
MARGIN DECREASES WITH REVENUE WHILE RESTRUCTURING EFFORTS HELP TO OPTIMIZE COST STRUCTURE GP% 53% 55% 56% 59% 56% CP% -15% 1% 3% 6% -8% Adj. EBITDA% -40% -19% -17% -15% -28% FY2020 FY2021 FY2022 FY2023 FY2024 € 24 € 251 € 238 € 13 € 183 €4 € 170 € 117 -€ 59 -€ 64 -€ 72 -€ 26 -€ 88 -€ 92 -€ 34 FY2020
Slide 29: Adjusted EBITDA bridge by brand
€ 24 -€ 12 -€ 23 -€ 8 -€ 3 -€ 1 -€ -€ 43 -€ 26 2023 Lanvin Wolford Sergio Rossi SJK Caruso Elimination 2024 HQ and 2023 Eliminations 2024 (1) Non-IFRS Financial Measure. Please see Page 50 for Non-IFRS Financial Measures and Definition. Note: HQ and eliminations are not allocated by brand and result
Slide 30: Estimated one-off impact on Adjusted EBITDA
~€ 5-10 -€ 64 ~€ 14-18 ~-€ 64-73 -€ 92 Estimated Wolford Logistics Creative Adjusted FY2023 FY2024 Integration Transition EBITDA w/o One-off Impact (1) Non-IFRS Financial Measure. Please see Page 50 for Non-IFRS Financial Measures and Definition. 30
Slide 31: Cash conversion cycle
€85 €74 €74 €38 €51 €109 €107 €92 €90 €76 €40 €49 €46 €22 €28 Trade payables Inventories -€47 -€58 Trade receivables -€73 -€79 -€80 2020Y202 0 2021Y202 1 2022Y202 2 2023 Y202 3 2024Y202 4 Cash Conversion 134 123 113 98 54 Cycle(1) % of Revenues 23% 22% 20% 17% 11% DSO(1) 36 43 42 39 31 DIO(1) 263 21
Slide 32: Brand-level performance
BRAND-LEVEL PERFORMANCE LANVIN GROUP
Slide 33: Lanvin global revenue bridge and key takeaways
Lanvin Global Revenue Bridge (€ in Thousands) €119,847 €111,740 -€11,788 €82,720 -€12,820 KEY TAKEAWAYS €72,872 -€4,412 €34,989 • A pivotal year of transition for Lanvin: Revenue declined by 26% in the context of slowing luxury demand, changing tastes and behaviors of aspirational customers and the
Slide 34: Wolford global revenue bridge and key takeaways
Wolford Global Revenue Bridge (€ in Thousands) €125,514 €126,280 €109,332 €95,384 -€20,346 €87,891 -€17,221 -€822 KEY TAKEAWAYS • Revenue declined by 30%, dropping from €126M in 2023 to €88M in 2024. EMEA region and wholesale channel experienced the greatest impact. • The year was marked by challeng
Slide 35: Sergio Rossi global revenue bridge and key takeaways
Sergio Rossi Global Revenue Bridge (€ in Thousands) €61,929 €59,206 €59,518 -€5,018 €41,910 NM -€12,590 KEY TAKEAWAYS €28,737 • Revenue declined 30% from €60M in 2023 to €42M in 2024. • EMEA market declined 35%, mainly due to wholesale conditions and planned reduction of lower-margin third-party pro
Slide 36: St. John global revenue bridge and key takeaways
St. John Global Revenue Bridge (€ in Thousands) €90,398 €85,884 €79,267 €73,094 -€9,394 -€1,579 -€158 €66,512 KEY TAKEAWAYS • Revenue declined 12% from €90M in 2023 to €79M in 2024. • North America outperformed other regions. Wholesale remained stable, driven by strategic key account partnership wit
Slide 37: Caruso global revenue bridge and key takeaways
Caruso Global Revenue Bridge (€ in Thousands) €40,011 €24 €0 €37,107 NM -€2,928 €30,819 €26,351 €24,695 KEY TAKEAWAYS • Revenue decreased slightly 7% from €40mn in 2023 to €37M in 2024. • The Caruso brand business grew double-digit, gaining market share thanks to the appeal of its playful-elegant co
Slide 38: Appendix
APPENDIX LANVIN GROUP
Slide 39: Lanvin Group Consolidated P&L
(€ in Thousands, unless otherwise noted) 2020A 2021A 2022A 2023A 2024A Lanvin Group Consolidated P&L FY % FY % FY % FY % FY % Revenue 222,612 100% 308,822 100% 422,312 100% 426,178 100% 328,610 100% Cost of sales -105,218 -47% -138,920 -45% -184,368 -44% -175,236 -41% -145,847 -44% Gross profit 117,
Slide 40: Lanvin Group Consolidated Balance Sheet
(€ in Thousands, unless otherwise noted) (€ in Thousands, unless otherwise noted) 2020A 2021A 2022A 2023A 2024A 2020A 2021A 2022A 2023A 2024A Lanvin Group Consolidated Balance Sheet Lanvin Group Consolidated Balance Sheet FY FY FY FY FY FY FY FY FY FY Assets Liabilities Non-current assets Non-curren
Slide 41: Lanvin Group Consolidated Cash Flow
(€ in Thousands, unless otherwise noted) 2020A 2021A 2022A 2023A 2024A Lanvin Group Consolidated Cash Flow FY FY FY FY FY Net cash used in operating activities -87,297 -73,088 -80,851 -57,891 -59,381 Net cash flows from/(used in) investing activities 67,038 6,346 -21,799 -38,615 -125 Net cash flows
Slide 42: Lanvin Brand Key Financials
(€ in thousands, unless otherwise noted) 2020A 2021A 2022A 2023A 2024A 2021 A v 2022 A v 2023 A v 2024 A v 20-24 Lanvin Brand Key Financials FY % FY % FY % FY % FY % 2020 A 2021 A 2022 A 2023 A CAGR Key Financials on P&L Revenues 34,989 100% 72,872 100% 119,847 100% 111,740 100% 82,720 100% 108% 64%
Slide 43: Wolford Brand Key Financials
(€ in thousands, unless otherwise noted) 2020A 2021A 2022A 2023A 2024A 2021 A v 2022 A v 2023 A v 2024 A v 20-24 Wolford Brand Key Financials FY % FY % FY % FY % FY % 2020 A 2021 A 2022 A 2023 A CAGR Key Financials on P&L Revenues 95,384 100% 109,332 100% 125,514 100% 126,280 100% 87,891 100% 15% 15
Slide 44: Sergio Rossi Brand Key Financials
(€ in thousands, unless otherwise noted) 2021PF 2021A 2022A 2023A 2024A 2022 A v 2022 A v 2023 A v 2024 A v 21-24 Sergio Rossi Brand Key Financials FY % FY % FY % FY % FY % 2021 PF 2021 A 2022 A 2023 A CAGR Key Financials on P&L Revenues 59,206 100% 28,737 100% 61,929 100% 59,518 100% 41,910 100% 5%
Slide 45: St. John Brand Key Financials
(€ in thousands, unless otherwise noted) 2020A 2021A 2022A 2023A 2024A 2021 A v 2022 A v 2023 A v 2024 A v 20-24 St.John Brand Key Financials FY % FY % FY % FY % FY % 2020 A 2021 A 2022 A 2023 A CAGR Key Financials on P&L Revenues 66,512 100% 73,094 100% 85,884 100% 90,398 100% 79,267 100% 10% 17% 5
Slide 46: Caruso Brand Key Financials
(€ in thousands, unless otherwise noted) 2020A 2021A 2022A 2023A 2024A 2021 A v 2022 A v 2023 A v 2024 A v 20-24 Caruso Brand Key Financials FY % FY % FY % FY % FY % 2020 A 2021 A 2022 A 2023 A CAGR Key Financials on P&L Revenues 26,351 100% 24,695 100% 30,819 100% 40,011 100% 37,107 100% -6% 25% 30
Slide 47: Footprint by Brand
2021 (1) (2)2022 (1) 2023 (2) 2024 Footprint By Brand DOS POS DOS POS DOS POS DOS POS Lanvin 27 287 31 339 36 319 33 277 Wolford 167 227 163 225 150 201 112 163 St. John 48 133 46 106 45 107 37 88 Sergio Rossi 50 328 50 346 48 289 43 154 Caruso 1 144 1 189 0 183 0 181 Total 293 1,119 291 1,205 279 1
Slide 48: Reconciliation of Contribution Margin
(€ in Thousands, unless otherwise noted) 2020A 2021A 2022A 2023A 2024A Reconciliation of Contribution Margin FY FY FY FY FY Revenue 222,612 308,822 422,312 426,178 328,610 Cost of sales -105,218 -138,920 -184,368 -175,236 -145,847 Gross profit 117,394 169,902 237,944 250,942 182,763 Marketing and se
Slide 49: Reconciliation of Adjusted EBIT and EBITDA
(€ in Thousands, unless otherwise noted) 2020A 2021A 2022A 2023A 2024A Reconciliation of Adjusted EBIT and EBITDA FY FY FY FY FY Loss for the year -135,657 -76,452 -239,751 -146,253 -189,295 Add / (Deduct) the impact of: Income tax benefits / (expenses) -1,603 4,331 -129 3,407 3,078 Finance cost - n
Slide 50: Non-IFRS financial measures and definitions
Our management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: contribution profit, contribution profit margin, Adjusted EBIT and Adjusted EBITDA. Our management believes that these non-IFRS financial measures provide useful and relevan